CHF/JPY: 170.000 Seems Significant for the Next Trend

• CHF/JPY is ranging after being bullish on the H4 chart.
• The level of 1.70000 has been working as a support.
• The H1 chart has been bullish upon finding its support.
• Intraday minor charts have been bullish.

CHF/JPY – Technical Analysis- H4 chart

The chart shows that the price made a long bullish move on the chart. Then, it had a rejection at 171.400. The price then moved towards the South but had a bounce at 170.000. Since then, it has been traded within this range. The price action suggests that if the price makes a bearish breakout at the support, the sellers may go short in the pair and keep the pair bearish for a long move.

On the upside, if the support level keeps holding the price, the buyers may wait for a bullish breakout at 171.400 to go long in the pair. If that happens, the pair may remain bullish for some days as well.

Price Action Analysis- H1 Chart

The H1 charts shows that the price gets caught within 171.150- 170.000. The price reacted at those level several times. At the last bounce, it produced a bullish inside bar. Since then, the price has been heading towards the upside. The buyers may keep their eyes to go long in the pair from the value areas. The chart shows that it has enough space to travel towards the North. The level of 171.150 may work as a level of resistance next.

For the sellers, the price is to make a bearish breakout at the level of 170.000 and confirm it followed by a bearish reversal signal. Thus, the pair needs time to get bearish considering the H1 chart.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn